Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

LONGi Green Energy Technology / Event-Driven

<ul>
<li>The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.</li>
<li>Last week saw NORTHBOUND net BUY RMB 18.7bn of A-shares on stronger average activity. BIG net buying flows on Weds and Thursday.</li>
<li>Looking at the change in the weekly position charts over the last year is striking (easiest in the Sectors table to start). Still.</li>
</ul>


The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.
Last week saw NORTHBOUND net BUY RMB 18.7bn of A-shares on stronger average activity. BIG net buying flows on Weds and Thursday.
Looking at the change in the weekly position charts over the last year is striking (easiest in the Sectors table to start). Still.


Mainland Connect NORTHBOUND Flows (To 29 Dec 23): Renewables Are a BIG NET BUY This Week

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>What is new? The European Commission announced yesterday (13 Nov) that it will initiate an anti-dumping proceeding concerning imports of mobile access equipment (MAE, or AWP) from China.</li><li>While this looks negative to the Chinese AWP manufacturers at first glance, we think the estimated investigation time of 13-14 months will provide the Chinese manufacturers with time to take measures to mitigate the potential impact.</li><li>For instance, they can localize their AWP production overseas to avoid the potential duties. Besides, given that different tariffs may be applied, manufacturers with more experience in dealing with the investigation will have the chance to fight for lower tariffs.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

What is new? The European Commission announced yesterday (13 Nov) that it will initiate an anti-dumping proceeding concerning imports of mobile access equipment (MAE, or AWP) from China.While this looks negative to the Chinese AWP manufacturers at first glance, we think the estimated investigation time of 13-14 months will provide the Chinese manufacturers with time to take measures to mitigate the potential impact.For instance, they can localize their AWP production overseas to avoid the potential duties. Besides, given that different tariffs may be applied, manufacturers with more experience in dealing with the investigation will have the chance to fight for lower tariffs.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>Four companies reported their 3Q23 results last night. Weichai Power and Zoomlion reported better-than-expected results, while SANY Heavy and Jiangsu Hengli are below expectations.</li><li>All of them reported gross margin expansion but very different revenue growth trends due to different product mixes and geographic focuses.</li><li>All of them reported declines in net finance income due to the volatility of FX rates. Weichai Power and Zhejiang Dingli (reported over the weekend) remain our sector key picks.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Four companies reported their 3Q23 results last night. Weichai Power and Zoomlion reported better-than-expected results, while SANY Heavy and Jiangsu Hengli are below expectations.All of them reported gross margin expansion but very different revenue growth trends due to different product mixes and geographic focuses.All of them reported declines in net finance income due to the volatility of FX rates. Weichai Power and Zhejiang Dingli (reported over the weekend) remain our sector key picks.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Construction Machinery & HDT – 3Q23 Earnings Review

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of March 17th.</li>
<li>We estimate the weekly inflows to be US$2,260.0 million, led by information technology, industrials, materials sectors, and offset by financials, energy.</li>
<li>We highlight flows for Yangtze Power, Tcl Zhonghuan, Ping An Insurance, CATL, Moutai, CMB .</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of March 17th.
We estimate the weekly inflows to be US$2,260.0 million, led by information technology, industrials, materials sectors, and offset by financials, energy.
We highlight flows for Yangtze Power, Tcl Zhonghuan, Ping An Insurance, CATL, Moutai, CMB .


Northbound Flows (Mar 17th): Yangtze Power, Tcl Zhonghuan, Ping An Insurance, CATL, Moutai, CMB

Equity Bottom-Up

Jiangsu Hengli Highpressure Oil Cylinder / Equity Bottom-Up

<ul><li>We upgrade Hengli to BUY from Hold for the first time since May 2021.</li><li>We are turning positive after visiting Hengli’s production base last week.</li><li>In the near term (coming months), we believe the growth (YoY) of excavator hydraulic cylinder production in Mar, after going through a declining trend since late 2021, suggests an early sign of turnaround of downstream demand. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We upgrade Hengli to BUY from Hold for the first time since May 2021.We are turning positive after visiting Hengli’s production base last week.In the near term (coming months), we believe the growth (YoY) of excavator hydraulic cylinder production in Mar, after going through a declining trend since late 2021, suggests an early sign of turnaround of downstream demand. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Jiangsu Hengli (601100 CH) – Positive takeaways from plant visit; U/G to BUY

China

Jiangsu Hengli Hydraulic Co Ltd develops, manufactures and sells high pressure tank, hydraulic components and hydraulic systems. The Company's main products include fuel tanks and non-standard cylinders for heavy equipment.

Jiangsu Hengli Highpressure Oil Cylinder (601100 CH)

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Jiangsu Hengli Highpressure Oil Cylinder (601100 CH)

Mainland Connect NORTHBOUND Flows (To 29 Dec 23): Renewables Are a BIG NET BUY This Week

Very strong "week" of net NORTHBOUND inflows this week, with Weds+Thursday seeing RMB 19bn of inflow on strong volume. Thurs HUGE volume....

Travis Lundy

China Construction Machinery

The European Commission announced yesterday (13 Nov) that it will initiate an anti-dumping proceeding concerning imports of mobile access equipment...

CMB International

China Construction Machinery & HDT – 3Q23 Earnings Review

Four companies reported their 3Q23 results last night. Weichai Power and Zoomlion reported better-than-expected results, while SANY Heavy and...

CMB International

Northbound Flows (Mar 17th): Yangtze Power, Tcl Zhonghuan, Ping An Insurance, CATL, Moutai, CMB

We analyzed the Shanghai/Shenzhen Connect Scheme for last week and highlight flows for Yangtze Power, Tcl Zhonghuan, Ping An Insurance, CATL,...

Ke Yan, CFA, FRM

Jiangsu Hengli (601100 CH) – Positive takeaways from plant visit; U/G to BUY

We upgrade Hengli to BUY from Hold for the first time since May 2021. We are turning positive after visiting Hengli’s production base last week.

CMB International

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